New York Estate Planning & Elder Law Blog
Many people understand the value of having an estate plan. They also understand that not writing these documents can place their loved ones in a much more difficult situation. For some reason, however, these people hesitate to write an estate plan. For one reason, most people do not like to accept that they too will one day pass away.
If you die without an estate plan or “intestate”, your estate will be distributed by New York’s probate laws, which follow a predetermined order of how assets should be divided. To encourage you to write your estate plan, this article reviews some important steps that will encourage you to write your estate plan.
# 1 – Realize Who Benefits from Estate Planning
Estate planning is not done for the benefit of the person writing the documents. Instead, estate planning is better viewed as a way of expressing your care and concern for those around you. The documents that you create will express your wishes for what should be done after your death as well as who you would like to care for certain loved ones.
Failing to create an estate plan means that you’re going to place your loved ones in a much less desirable situation. Understanding this can make many people stop hesitating in creating an estate plan.
# 2 – Understand What Happens without an Estate Plan
Some people only create an estate plan when they understand what will happen if they do not. The truth is that if you fail to create an estate plan, a court could end up deciding who will take care of your children, which might be somebody of which you do not approve. State law will also determine who will receive your assets, which means that this distribution order might not proceed according to your wishes.
# 4 – Establish a Timeline
Rather than create an estate plan immediately, it can be helpful to set certain deadlines for the future when you plan to achieve small tasks. This way you can begin moving towards the creation of an estate plan without feeling overwhelmed. If you decide to utilize this technique, the first step that you should set for yourself might be something like attending a first meeting with an estate planning lawyer.
# 3 – Appreciate the Value of Employee Benefits
One of the most common reasons why some people hesitate to create an estate plan is the belief that doing so requires a lot of money. Some employers, however, offer the benefit of an attorney who can help create these plans.
By taking advantage of these benefits, you can save on the costs that you might have otherwise had to face while creating an estate plan.
Contact an Experienced Estate Planning Lawyer
Understandably, you might hesitate to write your estate plan, but doing so can result in many challenges. As a result, it is a wise idea to retain the assistance of an experienced estate planning attorney.
Contact Ettinger Estate Planning today to schedule a free initial case evaluation.